Prohibits electric generation service and gas supply service rates from exceeding basic generation service and basic gas supply service rates.

This bill requires New Jersey electricity and gas suppliers to charge residential customers rates no higher than the state's established "basic" service rates for electricity and gas. It directly affects residential utility customers by preventing suppliers from charging more than the basic rate during future rate adjustments. The law prohibits suppliers from exceeding these basic rates for electric generation and gas supply services, as defined under existing state law. The bill takes effect three months after enactment.